Common-Size Balance Sheet: Assets
Quarterly Data
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Edwards Lifesciences Corp. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Edwards Lifesciences Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets demonstrated notable volatility across the periods. It peaked at 21.57% in June 2018 before generally declining and fluctuating around a lower range, ending at 10.15% in December 2021. This indicates a reduction in liquid assets availability over the long term.
- Short-term Investments
- Short-term investments showed irregular changes, with an initial increase peaking at 14.08% in September 2017, followed by a decline to around 3-7% in subsequent quarters. The elevated level in the early periods was not sustained, signaling a shift toward lower short-term financial investments in later years.
- Accounts Receivable (net) and Other Receivables
- The data for accounts and other receivables transitioned from combined legacy data to distinct figures beginning in 2020. Net accounts receivable stabilized around 6.85% to 8.36% of total assets by late 2021, while other receivables showed a smaller but steady presence under 1% in recent periods. Earlier legacy receivables fluctuated between 7.67% and 10.94%, suggesting a reclassification or segmentation in reporting.
- Inventories
- Inventory levels as a percentage of total assets remained relatively stable, fluctuating slightly around 9% to 11% through the period, with a mild declining trend after 2019, reaching 8.55% by the end of 2021. This stability reflects consistent inventory management relative to total asset base.
- Prepaid Expenses
- Prepaid expenses maintained a low and stable proportion, generally near 1% of total assets, without significant upward or downward trends, indicating a steady approach to expense prepayment over time.
- Other Current Assets
- Other current assets fluctuated modestly but showed a gradual upward tendency from approximately 2.2% to a range of 2.7% to 3.2% by the end of the data series. This gradual increase may indicate expanding miscellaneous current asset components.
- Current Assets
- Overall current assets peaked around mid-2017 and late 2019, achieving levels near 46-48% of total assets, but displayed a declining trend post-2019, dropping to 37.41% by the end of 2021. This suggests a strategic shift or rebalancing of asset structure away from liquid and short-term holdings.
- Long-term Investments
- Long-term investments experienced a general decline through 2017-2019, reaching lows near 6.47%, but subsequently expanded sharply from 2019 onwards, culminating at a significant 21.57% by the end of 2021. This marked increase highlights a strategic emphasis on longer-term investment positioning in recent years.
- Property, Plant, and Equipment (Net)
- This asset category showed a steady increase over the observed periods, rising from about 12.3% to near 18-19% after 2019, reflecting ongoing capital expenditure and asset growth pertaining to fixed assets.
- Operating Lease Right-of-Use Assets
- Starting data from late 2018 indicates a minor but consistent holding around 1%-1.3%, suggesting adoption and buildup of lease-right assets following new lease accounting standards.
- Goodwill
- Goodwill decreased gradually from approximately 19.77% in early 2017 to 13.74% by the end of 2021, indicating either amortization, impairment, or divestitures impacting intangible asset value over time.
- Other Intangible Assets (Net)
- A similar downward trend appeared in other intangible assets, declining from over 8% to below 4% of total assets, further reflecting amortization or revaluation impacts on intangible holdings.
- Deferred Income Taxes
- The proportion of deferred income taxes decreased from near 3.75% to a low of around 1.93% in late 2017 but later rebounded and stabilized close to 2.5%-3% towards the end of the timeline, indicating moderate fluctuations in tax timing differences.
- Other Assets
- Other assets exhibited some variability, with a reduction in mid-period to below 1% but a recovery to around 1.3% by late 2021. This suggests modest changes in less classified asset categories.
- Long-term Assets
- The composition of long-term assets as a percentage of total assets remained relatively stable with slight fluctuations, settling at a higher level of about 62.59% by the end of 2021, consistent with observed growth in property, plant, equipment, and long-term investments.